A Consultant Performs Accounting Services for a Client on 30

question 5

Multiple Choice

A consultant performs accounting services for a client on 30 June 2016 and bills the client $350,to be paid within 60 days.Payment is received on 15 August 2016.Accrual accounting is used by both parties.
- What is the journal entry made by the consultant on 15 August 2016?

• A) Dr Cash Cr Accounts receivable
• B) Dr Cash Cr Service revenue
• C) Dr Accounts receivable Cr Cash
• D) None of the answers provided

---

Definitions:

ISO 14064

An internationally recognized standard providing tools for quantifying, monitoring, reporting, and verifying greenhouse gas (GHG) emissions and removals.

GRI Framework

Global Reporting Initiative framework; a standard for sustainability reporting that organizations can use to measure and communicate their economic, environmental, and social performance.

Benchmarking

The process of comparing one's business processes and performance metrics to industry bests or best practices from other industries.

GRI Guidelines

Standards for sustainability reporting that help organizations measure, understand, and communicate their economic, environmental, and social performance.